Debt Management is a simple process which you can use to reduce and clear all your outstanding debts without the need to obtain any further credit than what you already have. If you choose to use a debt management company to assist you in this process, it will deal directly with your creditors and it will negotiate with your creditors on your behalf. It will seek the agreement of your creditors to drop all charges on your loan accounts and to freeze all interest. There are a number of benefits for you the debtor and for your creditors arising from your entering into and adhering to the terms of a debt management plan, commonly abbreviated to a DMP. Continue reading
Payment Protection Insurance Claims and IVAs
Lots of lucrative claims have been undertaken and carry on being presented against creditors in relation to Payment Protection Insurance (PPI). Each and every consumer who thinks that they might have been miss-sold a PPI policy is permitted to claim against the creditor and numerous such individuals have already accepted reparation from the offending financial institutions. Continue reading
Relieving the Agony of Personal Debt
When people take a look at their own serious personal debt struggles they occasionally visualize how awful it would be if they had to go bankrupt. Whether or not they petition for their own bankruptcy or one of their creditors petitions for it, the stigma or imagined stigma of bankruptcy is the worst type of emotion a consumer may have some. However, there are several other tremendous and pragmatic remedies other than personal bankruptcy. It might perhaps even be more effective for both the borrower and his or her creditors to employ an alternate remedy to bankruptcy. Continue reading
Posted in Bankruptcy, Debt Advice, Debt Management, Debt Relief Orders, Debt Solutions, Insolvency, Insolvency Practitioner, IVA, Personal Debt, Personal Debt Management, Personal Insolvency
Tagged bankruptcy, Debt Relief Orders, Debt Settlement Arrangement, Debt Solutions, Individual Voluntary Arrangement, Irish Debt, Personal Debt, Personal Insolvency Bill
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Disadvantages of Debt Consolidation
There are several reasons to like joining together your debts into a single debt consolidation loan. Even the term ‘consolidation’ is reassuring for some people. It invokes the thought of getting rid of a lot of small and some not so small problems and amalgamating them into a single controllable issue. Rather than having a great number of lenders to deal with, the debtor can have just one financial institution to manage and merely just one monthly repayment to make in contrast to having to make numerous payments to a number of creditors for various sums. Consequently the debtor thinks that taking care of money affairs might become simplified. One other main expectation is that the debtor’s credit ranking can improve significantly once all personal debts particularly credit card obligations are lumped into the loan consolidation. Each and every one of the old credit card accounts gets paid off completely. To crown it all, the regular monthly repayment on the loan consolidation will with any luck , be a good deal lower than the entire amount of the payments on all of the previous debts – credit cards, overdrafts and personal loans. Continue reading
Posted in Debt Advice, Debt Consolidation, Debt Management, Debt Repayment, Debt Solutions, Insolvency, Insolvency Practitioner, Personal Insolvency
Tagged Debt Consolidation, Debt Enforcement report, Debt Management Plans, debt payments, Debt Settlement Arrangement, Debt Solutions, Personal Debt Management, personal insolvency
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Insolvency Process Dodgy Transactions – Antecedent Transaction and Transaction at an Undervalue
In the lead up to an insolvency process, it is crucial that the debtor ensures that they acts honestly, honorably and fairly in his dealings with all of the other people who could be impacted by the process. Any ventures involving financial institutions or any third parties (not being lenders) which might negatively affect the interests of creditors will definitely be of definite concern, whether or not lenders are actually party to the matters or not. Insolvency processes include Bankruptcy, Individual Voluntary Arrangements, Company Voluntary Arrangements, Liquidations and so on. Continue reading
Posted in Bankruptcy, Debt Advice, Debt Management, Debt Solutions, Individual Voluntary Arrangement, Insolvency, IVA, IVAs, Liquidation, Personal Insolvency
Tagged bankruptcy, Debt Management Plans, debt payments, Debt Settlement Arrangement, Debt Solutions, Insolvency Practitioner, Liquidation, Personal Debt, Personal Debt Management, personal insolvency, personal insolvency legislation, personal insolvency regime
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Dealing with Personal Debt
Plenty of people now have personal day-to-day money problems. Most of the people want to do something about them, if possible to get them to go away. There are several remedies for issues of individual insolvency at hand. The main problem is when and where to begin. We would like to comprehend how significant our problems really are and rate our problem on a range of one to ten. A ranking of one can be a status of being affluent and secure with ten being in a condition of ‘hopeless’ individual indebtedness. It should be realized of course there is always hope! Particularly in the united kingdom where enlightened laws and the ‘fresh start’ strategy for personal debt offers more than simply hope. You will find appealing alternative strategies that the financially burdened citizen will be able to carry out, whatever be the severity of personal financial distress. Continue reading
Posted in Bankruptcy, Debt Advice, Debt Consolidation, Debt Management, Debt Management Plans, Debt Payments, Debt Relief Orders, Debt Solutions, Individual Voluntary Arrangement, Insolvency, Insolvency Practitioner, IVA, Personal Debt, Personal Debt Management, Personal Insolvency, Solvency
Tagged bankruptcy, cccs, Consumer Credit Counselling Service, Debt Management Plans, Debt Relief Orders, Debt Solutions, Individual Voluntary Arrangement, Insolvency, Insolvency Practitioner, insolvent, Personal Debt, Personal Debt Management, personal insolvency, personal insolvency legislation
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Interested in an IVA
When you experience cash worries and think that maybe you are insolvent, you could find out about an Individual Voluntary Arrangement (IVA) and also how an IVA could possibly make everyday life better for you. Be aware that experiencing cash troubles by itself is definitely not enough to meet the requirements for an IVA. You must actually be insolvent. This means that you have got to be unable to pay your debts whenever they fall due and that in the event that you were to put on the market any assets you’ve got, say for example a residence, would undoubtedly realise too little cash to repay your due debts, in spite of the assistance of your income. Continue reading
Posted in Bankruptcy, Debt Management, Individual Voluntary Arrangement, Insolvency, IVA, IVAs, Personal Debt, Personal Insolvency
Tagged bankruptcy, cccs, Consumer Credit Counselling Service, Debt Management Plans, Debt Solutions, Individual Voluntary Arrangement, Insolvency Practitioner, insolvent, Personal Debt, Personal Debt Management, personal insolvency, Personal Insolvency Bill
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Credit Card Debt Relief within a Unsecured Debt Management Plan
Debt Management Plans (DMPs) are much in news reports at the present time. Several undesirable aspects of the industry made the biggest headlines. As with any industry a couple of bad apples can give the barrel a bad name. In the United Kingdom the Office of Fair Trading (OFT) has already taken steps to deal with the bad apples. Quite possibly the most significant infractions it has observed happened in the areas of marketing and charging behavior. In September 2010 it gave a warning to 129 debt management companies and followed that up with high profile enforcement actions against the worst offenders. The OFT intends to publish revised debt management guidance in June 2011. It is not apparent at this stage whether or not the government plans to introduce any legislation to manage DMPs. Even so the Ministry of Justice has issued a consultation document about the way ahead for DMPs. Three options for regulation are being indicated. These are to somewhat make improvements to control by the OFT, to propose sector self control with voluntary codes of practice and/or to develop a fresh solution i.e. a statutory DMP. Since the DMP is the predominant personal insolvency solution in the UK nowadays, it is perplexing that the government appears to shrink from the task of legislating in this area. What is the present condition of national debt management and how does it result in relief to citizens? Continue reading
Posted in Debt Management, Debt Management Plans, Debt Payments, Debt Solutions, Individual Voluntary Arrangement, Insolvency, Insolvency Practitioner, IVA, IVAs, Personal Debt, Personal Debt Management, Personal Insolvency, Solvency
Tagged cccs, Debt Management Plans, debt payments, debt repayment, Debt Solutions, Irish Debt, iva, Personal Debt, Personal Debt Management, personal insolvency
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How do IVAs work
For those who have money problems and believe that you may be insolvent, you may want to understand about an Individual Voluntary Arrangement, frequently known as an IVA, and how it could possibly help you. Being aware of what an IVA is and understanding the IVA solution makes it easier if you need to decide if you should participate in this process or try some other sort of potential cure for your monetary hardship. Continue reading
Posted in Bankruptcy, Debt Advice, Debt Solutions, Individual Voluntary Arrangement, Insolvency, Insolvency Practitioner, IVA, IVAs, Personal Debt, Personal Debt Management, Personal Insolvency, Solvency
Tagged Debt Solutions, Individual Voluntary Arrangement, Insolvency Practitioner, insolvent, Irish Debt, Personal Insolvency Bill, personal insolvency legislation
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Challenging the Irish Insolvency Law
A challenge to Ireland’s arcane bankruptcy laws may be made to the High Court within weeks, according to a recent report in The Sunday Independent by Maeve Sheehan. This is an interesting development if a challenge is made on the grounds of alleged breaches of the constitutional rights of persons facing bankruptcy. It would be truly remarkable if this should transpire and become the catalyst for reform of the law and the introduction of new laws on personal debt and debt enforcement. It would be unfair to accuse the new Fine Gael – Labour coalition government of sitting on its hands on this matter, given the inertia and inaction of the previous Fianna Fail – Greens government, who could not get their collective heads around the concept of personal debt forgiveness. The new government has had many major sovereign and banking financial issues to contend with but it is now time to attend to business that can benefit the private citizen. Continue reading
Posted in Bankruptcy, Debt Advice, Debt Management Plans, Debt Settlement Arrangement, Debt Solutions, Insolvency, Law Reform Commission, Personal Debt, Personal Debt Management, Personal Insolvency
Tagged bankruptcy, Bankruptcy Act 1988, Debt Enforcement, Debt Settlement Arrangement, Debt Solutions, Insolvency Practitioner, Irish government, Law Reform Commission, Personal Debt Management, personal insolvency, Personal Insolvency Bill
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